Morningstar, Inc. — Director's Dealing 2012

Feb 29, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-02-28

Reporting Person: Robbins Richard E (General Counsel and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-28	Common Stock	M	1000	$41.8733	Acquired	23535	Direct
2012-02-28	Common Stock	S	1000	$59.2773	Disposed	22535	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-28	Employee Stock Option (Right to Buy)	$41.8733	M	1000	Disposed	2015-09-30	Common Stock (1000)	Direct

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 29, 2011.

F2: The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($31.90). On February 28, 2012, the exercise price was $41.8733.

F3: The transaction was executed in multiple trades at prices ranging from $58.71 to $59.57. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

F4: The options became exercisable in 4 equal installments on September 30, 2006, 2007, 2008, and 2009.